Wednesday, August 18, 2004
 
Welfare, Please

I hate it when rich capitalist developers aren't too proud to beg for tax money:
    Schnuck Markets Inc. plans to close its only store in East St. Louis, but the company has extended the store's life for another 30 days while a developer tries to buy the building and negotiate a more favorable lease that would allow the store to remain open.

    Clayton developer Jim Koman has the property at 25th and State streets under contract, but wants financial assistance from East St. Louis and the state of Illinois before closing on the property, which is held in a trust with a Belleville bank.

    "If we don't get some kind of support, it will be difficult for us to make this transition," said Koman, the president of Koman Properties. And, he added: "We don't have an agreement with Schnucks."
So the only thing he's guaranteeing is that he'll take the tax dollars.

It's not even begging, it's extortion, and deals like this give capitalism its slightly darker tint. Unfortunately, city and state officials enable this stupidity when they spend the people's money to ensure that developers with their own millions in liquid cash don't have to risk anything to turn a profit.


- posted by Brian J. @ 9:48 AM
Comments: Post a Comment

<< Home
 
To say Noggle, one first must be able to say the "Nah."